1what is the distinction as drawn by the gasb between a, Ask an Expert

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1.What is the distinction, as drawn by the GASB, between a fiduciary fund and a permanent fund?

2.How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain

3.Why do the balance sheets of agency funds contain only assets and liabilities, but no fund balances? Why is it often unclear whether the resources relating to a particular activity should be accounted for in an agency fund or a governmental fund?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9800808

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